UK Housing Market Possibly Seeing Signs of Encouragement
The UK housing market is showing new signs of possible recovery, even though the last few months have displayed discouraging signs overall. November has seen the least amount of house price deterioration, since the same time three years ago. Another encouraging sign, according to Rightmove, is the year on year 2% increase in house prices. This is the highest annual rate of increase in 5 years.
In a more common occurrence, within the city of London, house prices rose yet again more than 1% month on month to rest at 483,709 pounds. Year on year prices are up almost 9% for the capital city.
Rightmove has seen more activity taking place on the website. Search activity has increased by 20% and more than 10% of an increase in the amount of inquiries over the same period last year.
The market typically encounters a major slowdown during the winter months, but analysts are seeing the latest data from Rightmove as a possible move in the right direction for the market in the months just prior to the year 2013. This could be the sign of a brighter outlook for next year as many have said.
Miles Shipside, director of Rightmove, commented on the possibility of the latest data indicating better times are happening sooner compared to later, saying: "Outside the capital, agents report prices are broadly flat in many parts of the country compared to a year ago. This stability may indicate a sounder springboard for 2013 as the wait goes on for a sustainable recovery in transaction numbers.”